16207 Cost Management 3: Cost Planning
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Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksRequisite(s): 16203 Cost Management 2: Estimating
Description
This subject covers the principles and practices of construction economics involving project scope management, the establishment of project budgets, preliminary estimating, cost planning, cost modelling and elemental building cost analysis. The role of the cost planner in the project design team is investigated and the principle of 'designing to a cost' rather than 'costing a design' is emphasised. The differences between project price, cost and value are identified. Scope management is a critical part of the cost planning process and the principles and practices of project scope identification, management and control are examined in detail. The subject then examines historical building cost data, price indices and leading edge cost planning software are implemented to strengthen student understanding.
Subject learning objectives (SLOs)
On successful completion of this subject, students should be able to:
| 1. | Understand and apply the processes involved in the PMBOK Competency Unit for Project Cost Management through applications in tutorials |
|---|---|
| 2. | Establish project budget, preliminary estimating and elemental cost plan |
| 3. | Prepare cost statements and reconciliation reports at various stages during the design process |
| 4. | Discuss the cost implications of design variables |
| 5. | Discuss various estimating methods and their accuracy |
| 6. | Adjust estimates for time, location and market condition |
| 7. | Use of cost planning software and Building Information Modelling. |
Course intended learning outcomes (CILOs)
This subject also contributes to the following Course Intended Learning Outcomes:
- Work effectively in project teams in professional contexts. (C.2)
- Apply the body of knowledge underpinning construction project management practice. (P.2)
- Develop strategic advice for clients on the costs and benefits of various courses of action involving construction projects and financing options. (P.5)
- Identify efficiencies in the sustainable deployment and management of resources. (P.6)
- Contribute to the effective acquisition and management of assets throughout their life cycle. (P.9)
- Source evaluate and use information to approach new projects/problems. (R.1)
Contribution to the development of graduate attributes
The term CAPRI is used for the five Design, Architecture and Building faculty graduate attribute categories where:
C = communication and groupwork
A = attitudes and values
P = practical and professional
R = research and critique
I = innovation and creativity.
Course intended learning outcomes (CILOs) are linked to these categories using codes (e.g. C-1, A-3, P-4, etc.).
Teaching and learning strategies
The subject is delivered in hybrid mode with pre-recorded lectures & online material, and with on-campus tutorials.
The learning activities in this subject also involve a variety of assignments, weekly quizzes and in-class tutorial exercises/tasks. Students are further supported through the use of UTS Canvas offering subject material and information moderation with the subject coordinator/lecturer.
The DAB attendance policy requires students to attend no less than 80% of formal teaching sessions for each class they are enrolled in to remain eligible for assessment. Regular class attendance is a requirement of the University. It is your responsibility as a student to attend the classes, and to carry out all on campus in-class assessment tasks.
Content (topics)
The content of this subject covers the following topics:
a) PMBOK Competency Units/Knowledge Areas in Project Cost Management
b) Introduction to cost planning.
c) Estimating methods
d) Use of cost date and building price indices
e) Costing to a design and designing to a cost
f) Establish project budget and elemental cost planning
g) Building economics and efficiency indicators
h) Estimating for engineering services, preliminaries and contingencies in cost planning
i) Use of cost planning software and Building Information Modelling
Assessment
Assessment task 1: Cost Plan Assignment and Associated Tasks
| Intent: | Cost Plan Assignment consists of three submissions:
No more than THREE (03) students in each group Refer to the assignment brief for further details. The "Cover Sheet" and the "Group Charter" indicating your individual contribution must be submitted with each submission. All submissions must be done via the relavant assignment link on Canvas | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 4, 6 and 7 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): C.2, P.2, P.5 and P.9 | ||||||||||||||||||||||||
| Type: | Project | ||||||||||||||||||||||||
| Groupwork: | Group, group and individually assessed | ||||||||||||||||||||||||
| Weight: | 60% | ||||||||||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 2: Quizzes
| Intent: | Five (05) online quizzes Refer to the assignment brief/subject announcement for further details. Top 4 out of 5 will be counted towards final mark | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3 and 5 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): P.2, P.6 and R.1 | ||||||||||||||||||||
| Type: | Quiz/test | ||||||||||||||||||||
| Groupwork: | Individual | ||||||||||||||||||||
| Weight: | 20% | ||||||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 3: Class Works (Tutorial Exercises)
| Intent: | Five (05) in-class tutorial tasks Refer to the assignment brief/subject announcement for further details. Students should work in the same 3-members group they have for Assessment Task 1 The "Cover Sheet" and the "Group Charter" indicating your individual contribution must be submitted with each submission All submissions must be done via the relavant assignment link on Canvas Top 4 out of 5 will be counted towards final mark | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3 and 5 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): P.2, P.6 and R.1 | ||||||||||||||||||||
| Type: | Exercises | ||||||||||||||||||||
| Groupwork: | Group, individually assessed | ||||||||||||||||||||
| Weight: | 20% | ||||||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Minimum requirements
The DAB attendance policy requires students to attend no less than 80% of formal teaching sessions (lectures and tutorials) for each class they are enrolled in to remain eligible for assessment.
Required texts
Smith, J.; Jaggar, D.; Love, P. ; Olatunji, O.A. (2016), Building cost planning for the design team, 3rd Edition,
Florence: Routledge. https://doi.org/10.4324/9781315695129
Ashworth, A. & Perera, S. (2015). Cost Studies of Buildings. Routledge. https://doi.org/10.4324/9781315708867
AIQS (2000-2006), Australian Cost Management Manuals 1-5, Australian Institute of Quantity Surveyors, Canberra
Rawlinsons Australian Construction Handbook 2023 or 2024
Other resources
Project Management Institute (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide), 7th Edition , The Standard for Project Management .
Ferry, D.J.; Brandon, P. S., & Ferry, J. D. (1999). Cost planning of buildings (7th ed.). Blackwell Science.
Jaggar, D., Ross, A., Smith, J., & Love, P. (2002). Building design cost management. Blackwell Science.
Smith, J. and Love, P. (2000), Building cost planning in action, Deakin University Press.
Hardin, B. (2009), BIM and Construction Management: Proven tools, methods and workflows, Indianapolis, Ind., Wiley Pub.